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HomeMy WebLinkAbout0375 fines. ar impositions, for H•hich pro~•ision has not been made hereinbefore, and in default thereof the mort- gagee may pay the same; and that he N~iU promptly deli~•er the official receipts therefor to the mortgagee. 5. That he will permit, commit~ or suffer no H~aste~ impairment~ or deterioration of said propert~• or any part thereof; and in the e~•ent of the failure of the mortgagor to keep the buildings on said pren~~ses and those to be erected on said premises, or impro~•ements thei•eon. ~n good repair, the mortgag~~e ma~• tnake such repairs as in its discretion it n~a~• deem necessary for the proper preser~~ation thereof, and the full amount of each and e~•ery such payment shall b~ immediately due and pa~•a~le, and shall be secured by the lien of this mortgage. 6. That he «•ill pa~ all and singular the costs, charges, and expenses, including reasonable la~i•~•er's fees, and costs of abstracts of title~ incurred or paid at any time by the mortgagee because of the failure on the part of the murigagur promptly and fully to perform the agreemei~ts and co~•enants of said prom- issor~• note and this mortgage. and sa~d costs, charges, and expens~s shall be immediately due and pa~•- able and shall be secured by the lien of this mortgage. 7. That he w ill keep the impro~~ements no~s existing or hereafter erected on the mortgaged propert~•. insured as may be required from time to time by the mortgagee against loss Uy fire and other hazards. casualties. and contingencies in such amounts and far such periods as ma~• be required by mortgagee, and will pay promptly. Khen due. any premiums on such insurance for pa~•ment of ~~•h~ch pro~•ision has not been made hereinbefore. All insurance shali be carried in companies appro~•ed by mortgagee and the policies and reneH•als thereof shall be held by mortgagee and ha~•e attached thereto loss pa~•able clauses in favor of and in form acceptable to the mortgagee. In event of loss he «•ill gi~•e inimediate notice by mail to mortgagee. and mortgagee ma~• make proof of loss if not made promptl~• by mortgagoi-, and each insurance company concerned is hereby autt?orized and directed to make pa~•ment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance proceeds, or any part thereof~ may be applied by mortgagee at its option either to the recluetion of the indebtc~c~ness hereby secured or to the restoration or repair of the property damaged. In e~•ent of foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby. all right. title. and interest of the mortgagor in and to an~~ insurance policies then in force shall pass to the purchaser or grantee. 8. That the mortgagee may. at an~• time pending a suit upon this mortgage, appl~• to the court hav- ing jurisdiction thereof for the appointment of a receiver. and such court shall forth~~•ith appoint a receiver of the premises co~•ered hereby all and singular, including all and singulai- the income, profits. issues~ and re~ enues from H hate~ er source derived, each and ever~• of H hich, it being expressly under- stood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and' such receiver shall have all the broad and effectire functions and po~sers in an~•~~•ise entrusted by a court to a recei~~er, and such appointment shall be made by such court as an acfmitted equity and a matter of absolute right to said mortgagee. and w ithout reference to the adequac~• or inad- equacy of the value of the propert~~ mortgaged or to the solvency or insoh~enc~ of said mortgagor or the defendants, and that such rents. profits, income, issues. and revenues shall be applied bS such recei~•er according to the lien of this mortgage and the practice of such court. In the e~•ent of any default on the ' part of the mortgagor hereunder. the mortgagor agrees to pay to the mortgagee c~ demand as a reason- ' able monthly rental for the premises an amount at least equrvalent to one-t~~•elfth (!12) of the aggi•egate of the twelve monthly instaliments pa~•able in the then current year plus the actual amount of the annual taxes assessments, ~•ater rates, and insurance premiums for such year not co~•ered by the aforesaid mont~ly payments. ' 9. That i~i thE~ ~~~~~•iri uf aii~- I~r~•ach ~?f this moi•t~a~e or <I~~fault u~i th~~ part ~?f the moetgagoi•, oj• f ~ 1,) i~i th~ r~:ent th.it au~- ~~f sai~i sums of monE•~• herein ~•eferre~l to be not pr~?mptl~• and fulh• paid ~cith- i ~n~t <l~~man~l ~~r u„tic~~. or 1~•) in the ~~~-ent that ~•arh and e~•e~•~~ the stipulati~ms, agreements, eonditions. :?n~i ru~~~~~~ant~ ot •~ii~l n~?t~~ ~i»~1 this mu~•tgag~~, ~u•e not dul~•. prnmpth-. and ii~ll~- p~~rforme~l: tlien i?i ` ~~itht•r u~• a~~~- suci~ ~~~~~•nt. thr .aiii agK~•~~Kat~~ sum m~~~?ti~med in sai~i n~,tc tlu~n rrmaining unpaid. ~~•ith ` inter~~st ~irc~•uc~ci t~~ that tim~~. an~l ~ill mon~~~•s serur~~cl hereb~•, shall become du~~ ancl pa~•able forth~~•ith, ~ ~u• th~ r~~~ifi~~r. .~t the~ ~?~~~li~?n ~?i saiil mm•tgage~, as full~• and complet~~l~- as if all „f thc~ said sums of moner ~~~~•rc ~~rginall~• ;tipulatc~l to I~e paicl on sueh da~•. a~?~•thin~ in sai~i n~~te or in this mnrt~age to the conh•ar~' ~~~,ta•ithst~tnclinK: ~in~l th~~rt~up~~u ~?r thc•r~•afte~-, at the option of said mrn•tgagee, ~~-ithout notice ar demand. st~it at 1<t~~- ur in equit~-. ma~~ be pros~~cute~l as if al! mon~~~-s secur~~d he~•ebr had mature~l p~•ior to its insti- tutic?n. Thr ~nort~a~~~~~ ma}• forecl~~s~ this mortga~e, as to th~ amount so cle~rlai•~~l ~iue and pa~•able, and ; th~~ said ~~r~~mis~~~ .hall bc~ ,~~ld t„ satisf~• an~i pa~• the~ ~~me togethc~r ~~-itii costs. exi~enses. and alio~~-ances. ~ In case oi~ partial t'~~rerlc~s~n•~~ uf thi~ mortga~e, tl~e m~?rt~agecl prcmist~s sh<ill be sol~1 subjeet t~~ the eon- ti»uing li~~n ~?f this mut•tga};~~ f~?r th~~ am~~iint of th~~ ~I~~Ut n„t then ~iu~~ an~l un~aicl. In sunc ~ase the pro- ~ ~ isiuns i~f this ~~ar.l~,rPll~)~I ma~- aKain b~~ a~~ail~~cl of th~~reaftrt• from tim~~ t~? tim~~ b~- thE~ mortgagee. 10. 'That thr m~?rt~;a~~n• ~~•ill gi~~t~ immeciiate n~?tir~~ h~- mail t~? 1ht~ m~n•t~a~;ee~ ~?f an}~ ron~•e~~ance, U~ai~sfer, or chang~~ uf c?~~~nrrship uf th~~ ~ir~~mises. ~ = 11. Th.it n~~ ~~~ai~-er ~~f .~n~• c~~~•enant herein ~n• of the ul~ligation sc~cin•cd hereb~• shall at an~~ time - thereafter F~e hel~i t~? f,e a~+~ai~~er of the :erm. he~•e~f or of ti~e note sectn•e~i hereb}•. = 12. That if the mortgagor default in any of the covenants or agreements contained herein, or in said note, then the mortgagee ma~• perform the same, and all expenditures (including reasonable attor- - ne~•'s fees) made Uy the mortgagee in so doing shall dra~c interest at the rate set forth in the note secured hei•cl~~•, and shall be repa~•able immediately and w~ithout demand b~~ the mortgagor to the mortgagee, and, together with interest and costs accruing thereun, sh:?11 i,e secured by this mortgage. ; 13. That the mailin~; of a~.~ritten notice or demand addressed to the owner of record of the mortgaged - pi•emises, or directed to the ~aid o~sner at the last address actually furnished to the mortgagee, or directed to said o~~•ner at said m~?rtgageci premises,'and mailed h~• the United States mails, shall Ue saf~icient notice = and demand in an~• c~se arising under this instrument and reyuired by the pro~•isions hereof or by law. 1~f. Tl~e mortgagor co~•enants and a~rees that so long ~ this mortgage and the said note secured hereUy are instn•ed under the pro~•isions of the National Itousin~ Act, he ~~~ill not execute or file for record = an}- instrument ~~-hic}i im~wses a rzstriction ulwn the sale or occupancy of tne mortgagec~ pro~~ert~• on the hasis of i•ace, coloi-, ur creed. Ujwn any violation of this undertaking, the mortgagee may, at its option, declare the unpaid balance of the debt secured hereby immediatelS• due and payable. j ~ - s~i~3~ ~ ~7~~ ~ ~ - , . _ . _ . _ » _